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Berry Plastics is a manufacturer. Berry has inventory consistingof raw materials, work in process...

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Accounting

Berry Plastics is a manufacturer. Berry has inventory consistingof raw materials, work in process and finished goods totaling $24million. Is Berry required to report the amounts for each class ofinventory or can it just report the total of $24 million?

You must provide Codification references to support youranswer!

You answer should be in the FIRAC format

Facts Issue(s)(typically a question)

Review of authoritative literature (ASC)

Analysis (link the facts to the authority)

Conclude (answer the issue question)

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4.2 Ratings (562 Votes)
Fact Berry Plastics a manufacturer is reporting its inventory in financial reports It has inventory worth 24 million which consists of raw materials work in progress and finished goods Issue Berry Plastics requires to know whether the amount of    See Answer
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Transcribed Image Text

In: AccountingBerry Plastics is a manufacturer. Berry has inventory consistingof raw materials, work in process and...Berry Plastics is a manufacturer. Berry has inventory consistingof raw materials, work in process and finished goods totaling $24million. Is Berry required to report the amounts for each class ofinventory or can it just report the total of $24 million?You must provide Codification references to support youranswer!You answer should be in the FIRAC formatFacts Issue(s)(typically a question)Review of authoritative literature (ASC)Analysis (link the facts to the authority)Conclude (answer the issue question)

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